Boston Fed announces Main Street Lending Program is Fully Operational and Open for Purchases of 95% Participations in Main Street Program Loans
July 6, 2020
The Federal Reserve Bank of Boston on Monday, July 6 announced that the Main Street Lending Program is now fully operational, ready to purchase participations in eligible loans that are submitted to the program by registered lenders.
The Federal Reserve encourages registered lenders to begin submitting qualifying loans.
The Main Street Lending Program aims to help credit flow to small- and medium-sized businesses that were in sound financial condition prior to the COVID-19 pandemic. Thousands of businesses have expressed interest in the program by contacting the Federal Reserve.
We encourage all eligible financial institutions to explore the program’s potential to help them serve the businesses in their markets -- given the pandemic’s shock to the economy, and its uncertain duration.
Business borrowers must apply for the program loans through a participating lender. Now that the program is fully operational, the Federal Reserve encourages more lenders to register. To participate in the program, lenders must register using the program’s lender portal, which provides secure access and verification and handles the sales of loan participations.
The Federal Reserve Bank of Boston also announced its intention to publish in the coming days a state-by-state listing of lenders accepting new business customers under the Main Street program and electing to be listed. The list will be updated regularly as additional lenders accepting applications from new business customers complete the registration process for the Main Street program.
For more information, the program’s website contains program information for lenders, including Frequently Asked Questions (FAQs) (Off-site, PDF). Lenders and other interested parties are encouraged, through the website, to sign up for email updates (Off-site). And any inquiries can be sent to MSLP@bos.frb.org. Registered lenders wishing to change their status on the lender listing can use that mailbox for such requests.
The Boston Federal Reserve Bank is administering the program for the Federal Reserve System.